Qualcomm (NSDQ: QCOM), which is benefiting from the evolution from 2G to 3G devices, said its first-quarter 2009 revenues were at the high end of its guidance, but net income for the quarter was adversely impacted by impairments and the economic environment. Q1 revenues totaled $2.52 billion, rising 3 percent compared to the year-ago quarter. Net income fell 56 percent to $341 million, or 20 cents a share, compared to the year-ago period. The company had expected revenues of up to $2.5 billion and earnings between 46 and 50 cents a share. The company also received $2.5 billion in October related to a new licensing agreement with Nokia (NYSE: NOK) and the settlement of a long-standing legal spat with them. Qualcomm’s CEO Paul E. Jacobs: “I am particularly pleased to see healthy demand for 3G as CDMA-based device shipments in the September quarter were at the high end of our prior expectations and reflect more than 30 percent year-over-year growth. While our operating performance was strong, the distress in the global financial markets continued, resulting in additional impairments of our marketable securities portfolio.”

— Cash position: At the end of the period, Qualcomm had cash and cash equivalents of about $13.1 billion, compared to $11.3 billion at both the end of Q4 and the year-ago quarter. On Jan. 16, 2009, it announced a cash dividend of 16 cents a share payable on March 27 to shareholders of record at the close of business on Feb. 27. The global financial crisis has led the company to write-down its marketable securities by $388 million, or about 3 percent of the recorded values of its cash, cash equivalents and marketable securities. In addition, the company had net unrealized losses on marketable securities of $1.1 billion.

— MediaFlo performance: The company’s QSI (Qualcomm Strategic Initiatives), which includes MediaFlo division, resulted in a loss of five cents a share and $102 million in operating expenses, during the quarter. Still, only a small amount of Qualcomm’s overall R&D budget went towards QSI. Of the $604 million spent, $24 million went to investments like MediaFlo.

— Business Outlook: Because of the extreme economic volatility, Qualcomm said it will be providing some guidance, but not earnings per share. The company said Q2 revenues will range between $2.25 and $2.45 billion, which would represent a 6 to 14 percent decrease over the year ago period. The loss attributable to QSI will increase to 10 cents a share. The company also thought shipments of CDMA and WCDMA devices would increase to up to 116 to 121 million from 112 million in the year ago period.